Ripple has officially received a license from the Dubai Financial Services Authority (DFSA) to provide cryptocurrency payment services at the Dubai International Financial Centre (DIFC), making it the first blockchain-based payment provider in the region.
Ripple's Strategy and Goals in Dubai
Since opening its regional headquarters in DIFC in 2020, Ripple has significantly expanded its customer base in the Middle East. The company forecasts that increasing demand for instant payment solutions will also accelerate the use of stablecoins in the region. The launch of its USD-pegged stablecoin, RLUSD, in December 2024, with a market value of approximately $135 million, supports these plans.
Current Status of Ripple’s Lawsuit with the SEC
It is assumed that Ripple's legal dispute with the SEC might soon conclude. Former Fox News reporter Eleanor Terrett reported that sources close to the situation are more confident about a resolution soon. The SEC has already moved the investigations of Ripple and Coinbase to another department, creating favorable conditions for the company.
Market Reaction to Recent Developments
Amidst the news of licensing and favorable expectations for the SEC lawsuit outcome, the price of XRP has risen by 2.2% in the last 24 hours, reaching $2.24. The news has spurred increased interest in XRP among investors.
The DFSA license strengthens Ripple’s position in the region and opens up opportunities for further growth through stablecoin solutions and partnerships with institutional investors.
